Posted By Pablo Conde on March 28, 2014 in Business Insurance, Insurance Articles
Pablo Conde

How to Get Comprehensive Business Insurance in 6 Easy Steps

Business Insurance Information.

Obtaining business insurance is easy


So you’re a business owner and you find yourself in need of some business insurance? That’s not a problem. Obtaining a great policy specific to your own business is a fairly straightforward process.

Here are 6 simple steps that you can follow to get the perfect business insurance.

1. Learn About The Different Types Of Coverage That Are Available

Every business is different. So are the insurance needs of every business, even those within the same industry.

Beyond that, there are varying levels and types of coverage offered by insurance companies as well. You’ll want to familiarize yourself with the options that are available for your business. Then, you can compare policies and premiums from competing companies.

Be advised that some business insurance, such as worker’s compensation and commercial auto insurance (if your business uses vehicles) may be required in your state. Other types of insurance, such as liability and property insurance, are optional.

2. Determine How Much Risk You’re Willing To Take

Insurance is all about risk. The insurance company sets its premium based on risk. You determine how much risk you’re willing to take as you evaluate insurance plans at various levels.

If you’re comfortable taking more risk, then perhaps you’ll opt for an insurance policy with minimal coverage and/or a high deductible. If you’re risk averse, you might prefer a more expensive, comprehensive plan.


Business Insurance in 6 easy steps.

Some people are willing to take more risk than others


3. Find A Professional Insurance Broker

The last thing you want to do is go shopping for insurance on the open market yourself. A qualified insurance broker will save you countless hours in research. The broker will also have some level of experience with the insurance companies and will know the reputations of many of them. In short, the advice and knowledge of an outstanding insurance broker is indispensable.

If possible, find a broker who specializes in locating insurance for businesses in your industry. As noted previously, not all businesses are created equally. Certainly, the insurance needs from industry to industry vary wildly. You’ll want to locate someone who has knowledge about the insurance needs for businesses just like yours.

4. Yes, Paperwork

The process of obtaining insurance is not typically accomplished without some level of paperwork. Make sure that you can provide your insurance broker the necessary information about your business, both legal and financial, to prevent roadblocks in your effort to get insurance. Also, with proper paperwork, you can end up paying lower premiums.

5. Train Your People

Do you have proper safety training programs in place? If not, there is no better time than the present to start that ball rolling. Once again, you can get a break on your premiums when you have proper safety procedures in place. It also makes good business sense as it reduces the risk of a hazard.

6. When Insurance Companies Compete, You Win

Your insurance broker should be able to provide you with competing quotes. That said, you don’t just want to necessarily pick the one with the lowest premium. It may be that the quality of coverage or the reputation of the company isn’t as good as the others. Take time to understand the details of each policy and select the one that best suits the needs of your business.

The process of obtaining business insurance doesn’t need to be a daunting one. With just a little effort on your part, you’ll find a great policy well suited to your company.